Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem, on Saturday, claimed that the rising petroleum prices would badly impact export targets of the country’s manufacturing sector, which was already facing a grave challenge of cost competitiveness.
He was addressing an executive meeting at chamber house when he added that high-speed diesel was widely used in agriculture and transport sectors and, therefore, increases in its price would directly impact the life of a common man due to inflation.
He added that at a time when the masses were already reeling under skyrocketing inflation (around 9 per cent), the move to raise prices of the petroleum products ahead of Eid would radiate a negative message and double the sufferings of the common man.
He noted that the international crude oil prices remained stagnant yet the government had increased the prices, which will severely affect the masses.
The president claimed that the petroleum price hike would increase the monthly budget of the common man.
It would also have a negative effect on the industry and send prices of different products skyrocketing, he continued.
RCCI President apprehended that another new wave of inflation would grip the entire nation, seizing purchasing power, which was widely feared to scale down business activities in the country.
As per Saleem, the move would crumble the local economy.
He continued that the small businesses would also fall flat to the inflation, which would be unaffordable to any trader.
The president demanded the government to reverse the proposed petroleum price hike as he apprehended that the exorbitant rise would unleash the storm of inflation in the country.
